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Remains Below Trendline Resistance

USDCAD TECHS
  • RES 4: 1.3855 High Oct 21
  • RES 3: 1.3808 High Nov 3 and a key resistance
  • RES 2: 1.3571 High Nov 10
  • RES 1: 1.3646 High Nov 29
  • PRICE: 1.3410 @ 06:59 GMT Dec 5
  • SUP 1: 1.3383 Low Nov 28
  • SUP 2: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3139 Low Sep 14

Last week, USDCAD failed to deliver a clear break of trendline resistance drawn from the Oct-13 high. The trendline intersects at 1.3560. The reversal lower last Wednesday, signals potential for a deeper pullback and this has opened support at 1.3317, the Nov 24/25 low. A breach of this level would expose 1.3226, the Nov 15 low and a bear trigger. Key resistance is at 1.3646, the Nov 29 high. A break is required to reinstate a bullish theme.

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